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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2 )
Mutual Risk Management Ltd.
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(Name of Issuer)
Common Stock
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(Title of class of securities)
628351108
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(CUSIP number)
Check the following box if a fee is being paid with this statement / /
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7).
The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the notes).
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CUSIP No. 628351108 13G Page 2 of 6 Pages
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Group Inc.
IRS # 13-283-8891
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
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NUMBER OF 5 SOLE VOTING POWER
0
SHARES --------------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY 849,967
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OWNED BY 7 SOLE DISPOSITIVE POWER
0
EACH --------------------------------------------------------
8 SHARED DISPOSITIVE POWER
REPORTING 1,162,514
PERSON WITH
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,162,514
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
6.20%
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12 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT !
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CUSIP No. 628351108 13G Page 3 of 6 Pages
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Item 1 (a) Name of Issuer
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Mutual Risk Management Ltd.
Item 1 (b) Address of issuer's principal executive offices
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44 Church Street
Hamilton HM 12, Bermuda
Item 2 (a) Name of person filing
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Morgan Stanley Group Inc.
Item 2 (b) Principal business office
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1585 Broadway
New York, New York 10036
Item 2 (c) Citizenship
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Incorporated by reference to Item 4 of the cover page.
Item 2 (d) Title of class of Securities
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Common Stock
Item 2 (e) Cusip No.
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628351108
Item 3 Morgan Stanley Group Inc. is (e) an Investment Adviser
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registered under section 203 of the Investment Advisers Act
of 1940.
Item 4 Ownership
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Incorporated by reference to Items (5)-(9) and (11)
of the cover page.
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CUSIP No. 628351108 13G Page 4 of 6 Pages
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Item 5 Ownership of 5 Percent or Less of a Class
Inapplicable
Item 6 Ownership of More than 5 Percent on Behalf of Another Person
Accounts managed on a discretionary basis by wholly-owned
subsidiaries of Morgan Stanley Group Inc. are known to have the
right to receive or the power to direct the receipt of
dividends from, or the proceeds from, the sale of such
securities. No such account holds more than 5 percent of the
class.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company
Inapplicable
Item 8 Identification and Classification of Members of the Group
Inapplicable
Item 9 Notice of Dissolution of Group
Inapplicable
Item 10 Certification
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in any
transaction having such purpose or effect.
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CUSIP No. 628351108 13G Page 5 of 6 Pages
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After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date : February 7, 1997
Signature : /s/ EDWARD J. JOHNSEN
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Name/Title : Edward J. Johnsen/Vice-President Morgan Stanley & Co.
Incorporated
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MORGAN STANLEY GROUP INC.
INDEX TO EXHIBITS PAGE
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EXHIBIT 1 Secretary's Certificate Authorizing Edward J. Johnsen 6
to Sign on Behalf of Morgan Stanley Group Inc.
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Page 6 of 6 Pages
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EXHIBIT 1
MORGAN STANLEY
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant
Secretary of Morgan Stanley Group Inc., a corporation organized and existing
under the laws of the State of Delaware (the "Corporation"), certify that the
following resolutions were duly and validly adopted by a Consent in Lieu of a
Meeting of the Executive Committee of the Board of Directors of the Corporation
dated as of October 19, 1995 and that such resolutions are in full force and
effect on the date hereof:
RESOLVED, that the resolutions adopted on September 8, 1993
and April 17, 1995 relating to signatories to certain reports to be
filed with the Securities and Exchange Commission (the "SEC") are
superseded in their entirety by these resolutions and Stuart J. M.
Breslow, Robert G. Koppenol and Edward J. Johnsen are severally
authorized and directed to sign on behalf of the Corporation any
reports to be filed under Section 13 and Section 16 of the Securities
Exchange Act of 1934, as amended, and the rules and regulations
thereunder, with the Securities and Exchange Commission, such
authorizations to cease automatically upon termination of employment
with any affiliate of the Corporation; and
RESOLVED FURTHER, that all actions heretofore taken by Stuart
J. M. Breslow, Robert G. Koppenol and Edward J. Johnsen that are within
the authority conferred by the foregoing resolution are approved,
ratified and confirmed in all respects.
RESOLVED, that any and all actions to be taken, caused to be
taken or heretofore taken by any officer of the Corporation in
executing any and all documents, agreements and instruments and in
taking any and all steps (including the payment of all expenses) deemed
by such officer as necessary or desirable to carry out the intents and
purposes of the foregoing resolutions are authorized, ratified and
confirmed.
IN WITNESS WHEREOF, I have hereunto set my name and affixed
the seal of the Corporation as of the 20th day of October, 1995:
/S/ Charlene R. Herzer
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CHARLENE R. HERZER
ASSISTANT SECRETARY
[SEAL]
